How do I know if Penfed approved me for a loan? This question is about PenFed Credit Union

How do I know if Penfed approved me for a loan?

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This question is about PenFed Credit Union

Gino Rodriguez, Writer

@gino_rodriguez • 10/14/22 This answer was first published on 10/14/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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You will know if Penfed approved you for a loan because you will receive an application decision via email. Penfed may approve you as early as one day after you apply, or within 45 days, depending on the type of loan you apply for. You can check your loan status by logging in to your account online in the meantime.

You should receive the funds 1-2 business days after approval, depending on the type of loan. Just keep in mind that approval for a Penfed loan is never guaranteed.

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Do personal loan companies call your employer?

Does Penfed verify income for personal loan applications?

Yes, Penfed will verify your income when you apply for a personal loan. If you do not have any income, you can apply for a Penfed personal loan with a co-signer, and Penfed will verify that person’s income instead.

Penfed may verify income by requesting financial information like pay stubs, bank statements or W-2 forms. In other cases, they’ll just use credit report information. Either way, you will also have to meet other Penfed requirements to be considered for loan approval.... read full answer

Penfed Personal Loan Requirements

Be at least 18 years old

Be a US citizen or permanent resident

Must have a Social Security number or ITIN

Have a credit score of 600 or higher

You need to be a member of the Pentagon Federal Cerdit Union

You have a good chance of getting approved for a loan from Penfed if you meet all of these requirements.

If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub’s free pre-qualification tool.

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Does Penfed offer credit-builder loans?

No, Penfed does not offer credit-builder loans. Alternatives to credit-builder loans from Penfed include personal loans and credit cards, though they may be difficult to get if you have poor credit.

If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.... read full answer

Notable Credit-Builder Loan Options

Digital Federal Credit Union

Alltru Credit Union

Republic Bank

Sunrise Banks

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